Update | 10:04 p.m. Recent comments by a lawyer representing Chryslers dissident debtholders alleging that Steven Rattner, the White Houses auto task force chief, directly threatened to wreck the reputation of the investment firm Perella Weinberg Partners if it continued to oppose the Obama administrations reorganization plan have been picking up steam in the blogosphere.

After President Obama announced Thursday that Chrysler would file for bankruptcy, Perella Weinberg said it would support the governments settlement with the carmakers secured lenders.

But representatives for the Obama administration and Perella Weinberg challenged the accuracy of the account by Thomas E. Lauria, the White & Case lawyer representing the handful of hedge funds calling themselves the Committee of Chrysler Non-Tarp Lenders.
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Any firm taking on the Obama administration in its plan to restructure Chrysler, which would divvy up equity stakes in the company to the United Auto Workers union, the Italian carmaker Fiat and the American and Canadian governments, naturally risked public excoriation. The four major banks among Chryslers secured debtholders, who hold about 70 percent of Chryslers secured debt, agreed to the auto task forces proposal last week.

But the dissident debtholders claim that they were compelled to do so because they have received government bailout money, a charge people close to the banks deny.

Lauria: "...and they have been told by the government who is in complete control of Chrysler, oddly ehough, that dispite their contractual right they do not get paid before everybody else so they are standing on their rights, standing on the law, trying to defend in effect what is the constitution of the United States..."

Dispite their contractual rights, standing on the law, defend the Constitution...

What the hell's wrong with these people, don't they know we're "remaking America"???

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